|
<br />r
<br />
<br />L
<br />
<br />I
<br />
<br />84 - 003223
<br />
<br />UN !FORM COVEN A NTSo Borrower and Lender covenant and agree as follows:
<br />I. Payment of Principal and Interest; Prepayment and Late Charges, Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any prepaymentand late charges due under the Note,
<br />Z. Funds for Taxes and Insurance, Subject to applicable law or 10 a wrillen waiver by Lender; Borrower shanpay
<br />too Lender on the day monthly paymenls are due under the Note, until the Note is paid in full, a su~ ("Funds") equal to
<br />one-twelfth of: (a) yearly tax'" and assessments which may allain 0 priority over this Security Instrtlment; (b) y""rly
<br />leasehold opayments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (dl'Yeat'ly
<br />mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate theo Funds due ono the 0
<br />basis of current data and reasonable estimates of future escrowitems.
<br />The Funds shall be held in an institution the dePosits or accounts of which are insur~orguilranteedby a fedCfalo~
<br />state agency (including Lender if Lender is such anin~titution). LendershaUapply theFund.!oopay.th!'oescr()""it~s:
<br />Lender I!liiY not charge for holding and applying theo funds, 81Ialyxing the a""oUilt or ~erifyingthe <:=owitems,utlless
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender 10 make su~h ach;u'ge.BOrr(jWerand
<br />Lender may agree in writing that interest shall be paid on IheFunds. Unless an agreement is made or applicable law
<br />requires interest to be paid, Lender shall not beo required to pay Borrower any interest oreamingSon the Funds; Letlder
<br />shall give to Borrower, without charge, an annual accounting orthe Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for thesumssecili'ed by
<br />this Securitv Instrument. ,
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior 10
<br />the due dates of the escrow items, shall exceed the amount required to pay the escrow itemswben due, tbe excess:shaUbe~
<br />at Borrower's option, either promptly repaid to Borrower or credi~ to BorroweronmonthlypaymentsofFun~:Ifthe
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when du.., Borrower shall paYto'I..erider ll!l)' ,
<br />amount necessary to make up the deficiency in one or more payments as required by Lender,
<br />Upon payment in full of all sums secured by this Securily Instrument, Lender shall promptlyreft1lld'lo:Borro~.".
<br />any Funds held by Lender. If under paragraph 19 tbe Propeny is sold or acquired by Lender, Lender,sballapply,no,later
<br />than Immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lendet.',ntthetimeof
<br />application a' a credit against the sums "",ured by this Security InstrumenT-
<br />3, Application of Payments, Unless applicable law provides otherwise, all payments =eivedby,Lend.".llnder
<br />paragraphs I and 2 .hall be applied: first, to late charges due under the Note; second. toprepaymentcbarges due under the ,
<br />Note: third, to amounts payable under paragraph 2; founh, to interest due; and last, to principal due:
<br />4, Charges; Liens, Borrower shall pay all bXes, assessments, charges, fines and impositions attributabletqthe
<br />Property which may attam pnority over tbis Security Instrument, and leasebold payments or ground rentsHf:ariy>
<br />Borrower .hall pay these obligations in the manner provided in paragraph 2, or ifnot paid in that manner, 'Borrower sbtill;
<br />pay them on time directly to the person owed payment Borrower sball promptlyfumish to Lenderal1noticesofallloun~:i
<br />!O be paid under thi, par.graph, If Borrower makes these payments directly, Borrower shallpromptlyfurnisb'to'~"
<br />receipts evidencing the payments,
<br />Borrower shall prrnnptly discharge an, lien which h85 priority over this Securily Instrumenl unleSs Borrowet,'(a)' 0
<br />agrees in wnting to the payment of the obligation secured by the lien ina manner acceptable to Lender; (lJ) contClStSin,~OC!</
<br />faith the lien by, or defends against enforcement of the lien in. legal proceedings whicb in the Lender'sOpmionoperntc:to
<br />prevent the enforcement of the lien or forfeiture of any pan of the Prop.."'Tty; or (c) secures from theholder'ofilteJienan
<br />agreement satisfactory to Lender subordinatmg the lien to this Security Instrument, If Lender deteiminesthatany p~rtqf
<br />the Propert,y " subject to a hen which may attain pnority over this Security Instrument; Lender may give, Borrqwer a '
<br />nt\llCe IdentifYIng the hen, Borrower shall satISfy lhe hen or bke one or more of theaetions set fortb above wit1tin Hl;days
<br />of the giving of nOllce:
<br />5. Hazanllnsurance. Borrower shall keep the .mprovements now existing or hereafter erected on the Propertyo '
<br />m.uredagainst k"", by fire. hazards included within the term "ei\tended coverage" and any otber hazards for whicb.4nder
<br />r"'lutr"'- insurance. Till' insurance ,hall be malnlained 10 the amounts and for the periods that Lenderrequires"The
<br />insurance <carner proViding Ih. insurance shall be chosen by Borrower subjecf to Lender's approval which shaUnotbe
<br />unrea"mal>!y"'llhheld.
<br />All insurance polic,es and renewals shall be acceptable 10 Lender and shall include a standardmortgage,clause,
<br />Lender shall have lhe righl ft' hold the policles.nd renewals. If Lender requires, Borrower shall promptly giyeio.t,ender
<br />all receipls of paid prenuums and rene\lw'al notices. In the event Qf iOS$, &rrower $.hall give prompt.nQtice to die inSurance
<br />carri<< and under. Lender may male proof of loss If not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree In writing, insurance proceeds shall be applied to restoration orreJ>air
<br />of Ihe Property' damaged, if the res!Orallon or repair is economically feasible and Lender's security isnOllessened" If tbe
<br />res!.Oratlon or repair IS not economically feasible or Lender's security would be lessened, the insurance proceeds shaUbe
<br />applied to the .sums _'uredby thlS Security Instrument, whether or not then due, with any excess paid 10 Borrower, If
<br />Borrower abandons the Property, or d,)CS not answer within 30 days a notice from Lender that the insurance carrier has
<br />olTered to settle a claim, ,hen Lender may collect the insurance proceeds. Lender may use the proceed. to repair orreslore
<br />the Property or 10 pay sums socured by this Secunty Instrument, whether or nol then due. The 30-dayperlodwill begin
<br />when the not;,,'e lS g.ven.
<br />\Jnless Lender and Borrower otherw.se agree in writing, any application of proceeds IOprincipaJ shall not extend or
<br />postpone the du<: date of the monthly pay'menlS referred to in paragraphs I and 2 or change the amount of the payments, If
<br />under paragr.tph 19 the Propeny "acquired by Lender, Borrower's righf to any insurance policies and proceeds resulting
<br />from damage to the Propeny prior to the acquisition shaJl pass to Lender to the extenl of the sums secured by this Security
<br />Instrument immeduueiy prior' to the a(.~quisitlon.
<br />6, PresenatioD and Maintenance of Property; I......holds. Borrower shall nOI destroy, damage or substantially
<br />change- the Property, allow the Propen) to deterionue or commii waste, If this Security Instrumem is on a leasehold,
<br />Borrower shall 'Comply with the pro..-islOns of the lease. and if Borrower acqUlres fc_e title 1O the Property, the leasehold and
<br />fee titic!.hall not merge unle" Lender agrees to the merger in writing.
<br />7, Protection of Lender', Rights in the Propert}'; Mortgage Insurance, If Borrower fails to perform the
<br />i.'-OVe:n.atHS and Zlgreemems ;;;onlaJOed in thIS SecUr1ty Instrument, Of there L"- a legal pnx:c-eding that may 'si~nificantJ;.' affect
<br />L~de(\ right-s in the ,Property (such as a proceeding In t'tankruptcy, probate, for l.~ondemnation or to enforce laws or
<br />~e3ulatl(lf\!;); then Lender may dD and pay for whate-ver Js. necessary to proleC'r the value ol'the: Property and Lender's right!iO
<br />tn the Propen);'> Lef~t'f'\ actwn~ may IOdude paying any sums. _~ecurc:d by a lien which has' priority over- this Se~urJty
<br />Ini-trutJi:.fflL al'ppt::aring Tn COUT1.. paying rea'i(mable att{)rneys' fees and enterjng on t he- Property to make repairs, Alt.hough
<br />Lender m.a-y lake-a.ctk'tt:1, under thiS paragraph 7. Lender does not have 10 do so"
<br />An:y .ff).)tHlt.~..i1sburM:d by Lender ,under thi~ paragraph -7 shaH bec(ml~ additional, debt Df Borro"'cr ':ie\:ured by [his
<br />Sa:Util)' lnttrumnH. enlC'S,~ Bonr'twer.and Lender agree H) other t.t:fm!> or pa~ mcnf, these amounts s.haU bear i1ilc"~1 from
<br />th<< da~t ,l/.' d",btirsttn{!,m III the- Note- ute' and shaH he. payabk, With itHcreo;,;~, Upt'Hl nnlll.'e fr0m Lender t.;, H~)rrowt:r
<br />r~~-!Ul; PSY-~'""nt
<br />
<br />
<br />
|